A recent report from the Central Bank of Nigeria (CBN) indicates that in 2025, the bank expended ₦464 billion on the printing, distribution, processing, and destruction of old naira notes.
This figure marks a 94% rise from the ₦238.6 billion spent in 2024, highlighting currency issuance as one of the CBN’s largest operational costs for the year.
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The report further disclosed that the CBN and its subsidiaries allocated ₦416 billion for personnel expenses, which included ₦56.2 billion in salaries, ₦28.2 billion for defined benefit plans, ₦226 billion in staff allowances, and ₦87.1 billion for other employee costs.
Moreover, losses due to digital payment fraud fell significantly to ₦25.85 billion in 2025, down from ₦52.26 billion in the previous year.
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Despite this progress, the CBN cautioned that cyber threats, systemic risks, the prevalence of a few key payment service providers, and the actions of unlicensed operators remain ongoing challenges for Nigeria’s financial system.
The apex bank emphasized the need for enhanced cybersecurity, better fraud detection, and greater collaboration among financial institutions to safeguard the expanding digital payment landscape in the country.
